Selling a Home – GreenTeamRealty.com
Thinking about Selling?

Thinking about Selling?

As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.

In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams.

Here’s why:

Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Confidence Index reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.

The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher. (1)

Average # of offers received on the most recent closed sales 2.3 offers. (2)

Appreciation Is Strong:It Might Be Time to Sell

There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment. 

Home values have been appreciating for several years now, and prices are expected to keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.

Here’s What That Means for Homeowners

The latest Home Price Expectations Survey (HPES), forecasts an average annual appreciation rate closer to 3.2% over the next five years, which is more in line with a historically normal market (3.6%). The good news is, there’s still time to take advantage of the current strength of home prices by selling your house now.

Looking at the projections as they stand today, 2019 is slated to drive the strongest appreciation as compared to the upcoming few years. With average home prices still on the rise, the pace at which they are predicted to continue increasing will likely soften by 2020. (1)

SOURCES: (1.) KEEPING CURRENT MATTERS (2.) NAR 2018 BUYER AND SELLER SURVEY 

Top Priorities When Moving with Kids

Top Priorities When Moving with Kids

According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more.

Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR)studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:

When Purchasing a Home

The major difference between the homebuyers who have children and those who do not is the importance of the neighborhood. In fact, 53% said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.

Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet.

Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.

When Selling a Home

Of those polled, 23% of buyers with children sold their home “very urgently,” and 46% indicated “somewhat urgently, within a reasonable time frame.” Selling with urgency can pressure sellers to accept offers that are not in their favor. Lawrence Yun, Chief Economist at NAR explains,

“When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”

For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.

Bottom Line

Buying or selling a home can be driven by different priorities when you are also raising a family. If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.


Balancing Emotions When Selling Your Home…

Balancing Emotions When Selling Your Home…

Balancing emotions when selling your home… without losing your mind!

The day has come. You’ve decided to list and sell your home and embrace a new beginning.  Now comes the emotional roller coaster ride that everyone goes through. You are not alone. Understanding the phases involved will help you in balancing emotions so that you can overcome the ties that bind you.

Phase 1: Excitement

Excitement starts the early wave of emotions when you’ve made the decision to sell and are getting ready for your next venture and new beginning. The stars are aligned.

Phase 2: Second Thoughts

Second thoughts are the silent partner of anxiety. Will my home sell? How long will it take? Is it priced right? Why don’t buyers see the value in my home? Why did that one sell and not mine?  These thoughts will run through your mind on a daily basis.  Don’t let them!!!  Your home will sell to the buyer who is meant to have it. It’s that simple. Don’t overthink the process. Leave that to your realtor.

Phase 3: Buyer Feedback

Buyer feedback! The Good, the Bad and the Ugly, are opinions that are not about you, but the experience buyers had while viewing your house. Take note, make adjustments, and forge forward. Remember, not every home is for every buyer. Improve the showing experience for the next showing.

Phase 4: It’s worth more than that!

It’s worth more than that! You’re frustrated and annoyed the offer received was below list price. It’s a starting point to continue further discussion. Don’t get offended! Seize the opportunity of buyer interest.

Phase 5: Inspections, contracts and appraisal… OH MY!

Inspections, contracts and appraisal… OH MY!   Calm heads will always prevail. You are only allowed to panic when I tell you to” is a rule to be followed. You can’t stress the unknown variables. They will balance out. Leave that to the team you hired.

Phase 6: Relief, excitement and melancholy…

Relief, excitement and melancholy all rolled into the closing day and accompanied by exhaustion. Not that it’s laborious, but emotional! Remember you started the process with the goal to get you where you need to be, and now that it’s finally here, it’s a win/win!

Expecting these emotions to surface will help you understand it’s not just happening to you!  Limit stress factors with preparation and by hiring an experienced realtor to safeguard a smooth transaction in your home sale.

 

 

Competition is Coming, Are You Thinking of Selling Your Home?

Competition is Coming, Are You Thinking of Selling Your Home?

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.

How will this impact buyers?

More inventory means more options. Lawrence Yun, NAR’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition, the seller may not enjoy these same benefits. As Chief EconomistNela Richardson, added:

“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

Bottom Line

If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price. Start by finding out what your home is worth with a free, no obligation Home Evaluation.

5 Reasons Why to Sell This Spring!

5 Reasons Why to Sell This Spring!

 

Here are five reasons listing your home for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

 

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5 Things No One Tells You About Selling

5 Things No One Tells You About Selling

1. Your Home Has to be pretty as a picture!  People will be seeing your home online before they ever set foot in it.  So that means that your house will have to look its best when photos are taken.  Every room needs to be at minimum neat and clean, but every detail does show up on camera.  No piles of things that you are meaning to pack, or laundry waiting to be folded…  Now is the time you want your home to look its company best.  You will also want to make sure your home’s best features are included in the listing photos.  Do you have a great backyard, or finished basement, or a deck made for entertaining…  Let prospective buyers know about it!

2. And now that you’ve got your home looking gorgeous for the photos, you have to keep it looking that way!  You never know when a buyer will come across those photos of your home and want to see it right away.   You have to be in “ready to show” mode at all times, so no dishes left overnight in sink, or toys scattered around the house.

3. The first two weeks after listing bring in the most buyers, so price accordingly.   Offer a fair price; buyers excited about seeing your “just listed” home may be more apt to making an offer on a home that is reasonably priced than one that is overpriced.  Don’t start off high, thinking you can always bring the price down if you don’t get any results.  You may miss out on that initial excitement and buyers will then see a home that has been lagging on the market and wonder why…

4. Clean out your closets!   Everybody wants and needs more storage, so if your closets and cabinets are overflowing, it screams to buyers “This house does not have enough storage room!”  This is the time to declutter.  Donate, make a trip to the local consignment shop, or store off-site, but make sure buyers see neat, organized closets with plenty of room.  You may even find yourself liking this pared-down living style!

5. Even in a Seller’s Market you may have to offer some buyer incentives.  While many sellers are benefitting from the current market, some homes may be older, not quite as “nice” as others in the neighborhood, in need of work, etc.   You may want or need to consider sweetening the deal.  By being realistic about your home and how it may appear to buyers, you can come up with options that just might make buying your home more appealing.   From covering closing costs, to purchasing a home warranty to cover repairs that might be needed, or doing a pre-sale home inspection, you may find yourself selling sooner, even if your house is not the prettiest on the block!

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